Mulden.
236 articles 4 sections last published 2026-09-09 independent · no sponsored placements

Reference

Measures

Every measure this site computes, defined once. Each entry carries the formula, how to read a value, and — the part fact sheets leave out — what the number cannot tell you.

  • Expense ratio

    The fund's stated annual operating cost as a share of assets.

    203 articles apply it

  • Maximum drawdown

    The largest peak-to-trough loss observed over a period.

    177 articles apply it MDD = min_t ( V_t / max_{s ≤ t} V_s − 1 )

  • Duration

    Approximate percentage price change of a bond or bond fund per one-percentage-point change in yield.

    127 articles apply it ΔP/P ≈ −D_mod × Δy

  • Standard deviation

    Dispersion of returns around their mean, usually annualised.

    124 articles apply it σ_annual = σ_period × √(periods per year)

  • Factor exposure

    How much of a fund's return is explained by systematic factors rather than by stock picking.

    108 articles apply it r_p − r_f = α + Σ βₖ · Fₖ + ε

  • Total return

    Price change plus distributions, assumed reinvested.

    100 articles apply it

  • Beta

    Sensitivity of a fund's returns to its reference market.

    91 articles apply it β = cov(r_p, r_m) / var(r_m)

  • Turnover

    The share of a fund's portfolio traded over a year.

    61 articles apply it

  • Correlation

    The degree to which two return series move together, from −1 to +1.

    58 articles apply it ρ = cov(x, y) / (σ_x σ_y)

  • Tracking error

    The annualised volatility of a fund's return difference from its benchmark.

    51 articles apply it TE = σ( r_fund − r_benchmark ) × √(periods per year)

  • Rebalancing bands

    Tolerance thresholds that trigger a trade only when an allocation drifts far enough.

    51 articles apply it

  • Sharpe ratio

    Excess return per unit of total volatility.

    42 articles apply it S = (R_p − R_f) / σ_p

  • Sequence-of-returns risk

    The dependence of an outcome on the order of returns when money is flowing in or out.

    38 articles apply it

  • Variance drag

    The gap between the average of periodic returns and the return actually compounded, which widens with volatility.

    20 articles apply it geometric ≈ arithmetic − σ² / 2

  • Convexity

    The curvature of the price-yield relationship that duration alone misses.

    8 articles apply it ΔP/P ≈ −D_mod Δy + ½ C (Δy)²

  • Skewness

    Asymmetry of a return distribution around its mean.

    7 articles apply it

  • Premium and discount to NAV

    The gap between an ETF's market price and the value of its underlying holdings.

    6 articles apply it

  • CAPE

    Price divided by the average of ten years of inflation-adjusted earnings.

    4 articles apply it

  • Monte Carlo simulation

    Estimating a distribution of outcomes by simulating many return paths.

    4 articles apply it

  • Factor crowding

    Compression of a documented premium once enough capital pursues it.

    3 articles apply it

  • Kelly criterion

    The position size that maximises the long-run growth rate of capital.

    3 articles apply it f* ≈ (expected excess return) / (variance)

  • Securities lending

    Fund revenue earned by lending portfolio holdings to short sellers against collateral.

    3 articles apply it

  • Effective number of holdings

    How many equally weighted positions a fund behaves like, as opposed to how many it nominally holds.

    2 articles apply it N_eff = 1 / Σ wᵢ² (wᵢ = weight of holding i)

  • Sortino ratio

    Excess return per unit of downside deviation only.

    2 articles apply it Sortino = (R_p − target) / σ_downside